Oil prices drop after G20 fail to lift confidence

Oil prices ended lower Monday after the Group of 20 meeting in Paris on the weekend failed to solidify market confidence in the global growth picture and Europes financial soundness.New Yorks main contract, light sweet crude for delivery in November, fell 42 cents from Fridays close to finish at $86.38 a barrel.Brent North Sea crude for delivery in December shed $2.06 to settle at $110.16 a barrel in London trade.Oil has tumbled about 24 percent since May on fears of a slowdown in the global economy. Investors focused on weak gasoline demand in the U.S. and budget problems in Greece.Prices had started to rise last week as European leaders appeared to be near a turning point. On Monday, German finance chief Wolfgang Schaeuble dampened expectations that theyd hammer out a comprehensive solution at an upcoming summit.Meanwhile, U.S. factories produced more goods in September for the third month. The 0.4 percent increase in factory output was taken as a sign that the economy is still growing, albeit slowly.In other energy trading, heating oil lost 4.2 cents to finish at $3.0136 per gallon and gasoline futures lost 8.18 cents to end at $2.7429 per gallon. Natural gas lost 1.5 cents to finish the day at $3.688 per 1,000 cubic feet.